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Form a Business

Investment of public funds.

Ark. Code Ann. § 19-8-104
in effect
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(a) Except as provided in subsection (b) of this section, all public funds as defined in § 19-8-101 shall be deposited into banks located in the state. (b) A school district may seek a hardship waiver from the Legislative Joint Auditing Committee from this section and deposit public funds into an out-of-state bank if: (1) The school district is designated as an isolated school district under §§ 6-20-601 and 6-20-602; (2) The school district lies on the borders of the state line; (3) The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district; (4) The administrative offices of the district are located within six (6) miles from an out-of-state bank; and (5) The out-of-state bank meets all other requirements concerning collateralization of state funds.
Source: Public.Resource.Org / UniCourt, Official Code of Arkansas Annotated, Release 78 (2020) (unicourt.github.io/cic-code-ar)URL: https://unicourt.github.io/cic-code-ar/transforms/ar/ocar/r78/gov.ar.code.title.19.htmlFetched: 11/8/2026

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